In H1 FY24, L&T’s order book experienced a remarkable ascent, marking a 22% surge from the preceding fiscal year, reaching an impressive Rs 4,50,700 crore.
Larsen & Toubro saw its shares escalate by nearly 2%, reaching an all-time high of Rs 3,548.90 on December 27, propelled by the company securing a substantial contract for the Amaala project in Saudi Arabia’s Red Sea region.
This substantial engineering, procurement, and construction (EPC) contract pertain to the establishment of diverse systems linked to renewable energy generation and utilities.
Within L&T’s categorization, orders ranging between Rs 5,000 to 10,000 crore fall under the major orders ambit.
As of 10:53 am, L&T shares exhibited a nearly 1% upswing, trading at Rs 3,522.80 on the NSE. Notably, the construction giant’s stocks have witnessed an impressive surge of almost 70% throughout 2023.
Despite a downturn in domestic orders during Q2, this setback was counterbalanced by a substantial surge in offshore contracts.
Jefferies, within the industrial sector, designates L&T as a favored entity. The brokerage holds the opinion that L&T occupies an advantageous position in both the Middle East and domestic markets.
Anticipating sustained growth for L&T over the ensuing four quarters, Jefferies, however, notes a dip in year-on-year margins, attributed to project mix variations and heightened international sales.
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